Al-Mazaya Holding Company KSC (Holding) has announced its financial results for the year ending 31 Dec 2012, during which the company achieved total revenues at KD 35.7 million, alongside operating revenues at KD 33.5 million and other revenues at KD 2.2 million, and approved provisions worth KD 0.889 million, resulting in net profits amounted to KD 0.291 million after deducting other expenses. On the occasion of the announcement, the Chairman of Al-Mazaya Holding, Rashid Al-Nafisi said in the board meeting, attended by Fahad Al- Ibrahim, Mohmaed Al-Othman and Abdul Aziz Alughani, that Al-Mazaya Holding succeeded in 2012 in completing the handover of its real estate projects and in meeting a large part of its financial obligations towards companies, investors and individuals. He added that the company managed to sustain its financial and operational performance and market position, in line with its planned strategy and reserving policy developed in 2012. [tbpspa] Taking into consideration the overall economic condition and the financial developments in world markets, the results ensured that the company succeeded over the past years in shifting losses to profitability after implementing the restructuration plan that included the disposal of a number of assets either through sale or swap. Al-Nafisi added that the volume of payables decreased from KD 36.3 million to KD17.4 million by the end of 2012, and Al-Mazaya and its team were able to achieve a 77 percent increase in rental revenues generated from its income-producing projects, amounting to KD2.8 million in 2012 compared to KD 1.6 million in 2011. [tbpspa] Al-Nafisi added that Al-Mazaya has continued progress in handing over its sold projects, residential and commercial units, which resulted in revenues amounted to KD29.3 million, clarifying that Al-Mazaya assets include real estate properties amounting to a total of KD 168.3 million including KD 67.6 million in income-generating properties and KD20.4 million in empty plots and KD25.8 million worth of properties which are intended to be launched for sale or rent purpose and KD54.5 million of properties that are already sold off-plan, and which will produce upcoming profits corresponding with the completion and handover of the sold units. Concerning the company’s financial statements for the financial year ending 31 Dec 2012, he observed that the total assets of the company reached KD221.1 million while shareholders’ equity amounted to KWD 83.3m, while the total indebtedness of the company to local banks was KD 49.4 million.
Via : Kuwait Times
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